China’s UnionPay unveils its digital bankcard
By Edil Corneille
UnionPay launched today its digital bankcard together with commercial banks, major mobile phone manufacturers, and key merchants and payment institutions. The process of card application and collection is completely digitalised, providing cardholders with a new generation of payment experience.
To users, the bankcard will bring a seamless payment experience. The card application process can be completed online within a few steps on several platforms such as the company’s UnionPay App, bank apps, or e-wallets developed by mobile phone manufacturers. When the application is successful, the functions of wealth management, purchase, and payment will all be enabled to meet the demand in various use cases.
Users can view and manage their digital bankcard on the UnionPay App on a real-time basis. Additionally, they can enjoy a wide range of exclusive benefits globally.
The digital debit and credit card launched this time within and outside Mainland China feature four characteristics. Firstly, they digitalise traditional bankcards. Services are delivered digitally to satisfy multiple payment demands such as purchases, cash deposits and withdrawals, bank transfers, mobile QuickPass payments, and QR code payments.
Secondly, card applications and payments are made swift and easy. Users around the world can apply for cards, link them, and use them through various platforms, including the UnionPay App, bank apps, and e-wallets developed by mobile phone manufacturers. They can pay with mobile QuickPass or QR code by tapping on the screen to access the contactless card or the QR code.
Thirdly, payments through digital bankcards are secured. Sensitive information, such as the card number and expiry date, is protected throughout the payment process by all-around technologies including tokenisation and real-time risk monitoring. The funds and personal data are thus safeguarded.
Lastly, digital bankcards help connect different industries and use cases. With the Token 2.0 digital payment framework, users can push their digital cards to e-commerce retailers, public transit providers or e-wallets as they wish. The cards also come with exclusive benefits, contributing to an interconnected digital payment ecosystem.
Cai Jianbo, First Executive Vice President of China UnionPay stated that UnionPay, commercial banks, and other industry players have been working together in rolling out products such as QR code payments, mobile QuickPass, and facial recognition-based payments to provide the public with quality and secure payment services. The new digital bankcard is a response to market demand. Developed with the support of various parties within the industry, the product serves as UnionPay’s latest attempt to drive the digitalisation of payment services, as mentioned by Jianbo.
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